This blog is all about economic and financial events happening in Mongolia.

Wednesday, March 2, 2016

Economists review political and economic conditions of Mongolia

By B.KHASH-ERDENEThe focus of the American Chamber of Commerce in Mongolia’s (AmCham) February Monthly Meeting held last week was Mongolia’s current economy, politics, and business environment.

Economists, business delegates, and analysts discussed Mongolia’s current economic issues, political environment before the election, and factors that will impact private business operators, during the meeting.

Delegates from more than 50 leading domestic and international businesses attended the event.

During his presentation, UB Post columnist D.Jargalsaikhan underlined that a lack of financial transparency in Mongolia is one of the root causes of corruption.

“Election campaign financing is one of the most pressing issues. Political parties are not open with their finances and do not make them public. These financial factors have a great influence on corruption and bribery,” he said at the meeting.

L.Sumati highlighted the important role political executives have in the Mongolian economy.

“Political parties in power have great responsibility in the government, one of the big examples of this is the mining sector,” he claimed.

The meeting’s guests agreed with L.Sumati’s sentiment and said that they have a positive outlook on the Mongolian economy.

Analyst Ch.Erdenedalai said, “In the short-term, we will have to overcome obstacles. But in the long-term, Mongolia’s future looks bright.”

AmCham Mongolia is an independent membership-driven organization that seeks to build, strengthen, and protect business between the United States and Mongolia and to actively promote Mongolia as a destination for American investment. AmCham Mongolia is accredited by the U.S. Chamber of Commerce as its official affiliate in Mongolia, and it organizes meetings regularly with state officials, business delegates, and industry experts to share views on legal issues, development of the private sector and on providing a better business environment.